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TMI Blog2013 (7) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... hri MK Sinha, Counsel. JUDGEMENT 1. This is a tax appeal against the order dated 14.07.2010 of Income Tax Appellate Tribunal, Bilaspur Bench, Camp at Raipur (the Tribunal) in respect of the assessment year (AY) 2006-07. THE FACTS 2. M/s Agrawal Round Rolling Mills Limited (the Assessee) is a company manufacturing iron and steel re-rolled products. 3. In the AY 2006-07, the Assessee filed its retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roceedings. 6. The Assessing Officer (the AO) passed an order under section 143(3) of the Act on 31.12.2008 adding the surrendered amount of ₹ 61,00,000/- under section 68 of the Act and also ordered for initiation of the penalty proceedings. 7. The AO imposed penalty of ₹ 30,79,900/- being the 150% of the tax sought to be evaded by the Appellant by order dated 29.06.2009. 8. The Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtment that the sum which was added under section 68 of the Act was the one which was surrendered by the Assessee itself. 13. Both the authorities below have recorded a finding that there was neither any detection nor any information in the possession of the Department except for the amount surrendered by the Assessee and in these circumstances it cannot be said that there was any concealment. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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